Barclays Shared Appreciation Mortgage Scheme SAMS

barrie141045

About 15 years ago I took out a £25K loan with Barclays Bank using their Shared Appreciation Mortgage Scheme wherein I did not have to make any repayments of capital or interest until he house was sold. At that thime Barclays would reclaim the £25K plus a percentage of the appreciation in the value of my house over the period of the loan.
I now appears that I will have to pay up to £75K in interest alone pus repaing the capital.

Does anyone have any ideas as to how I can mitigate these charges as the sale of my home is going to fund my pension?

EdInvestor

Help is now available, click here

http://forums.moneysavingexpert.com/showthread.html?t=480287&highlight=appreciation

WTF?_2

barrie141045 wrote: »

About 15 years ago I took out a £25K loan with Barclays Bank using their Shared Appreciation Mortgage Scheme wherein I did not have to make any repayments of capital or interest until he house was sold. At that thime Barclays would reclaim the £25K plus a percentage of the appreciation in the value of my house over the period of the loan.
I now appears that I will have to pay up to £75K in interest alone pus repaing the capital.

Does anyone have any ideas as to how I can mitigate these charges as the sale of my home is going to fund my pension?

Look, when you took out that loan many years ago you effectively sold a share of your house to the bank, in return for up front cash.

You got a large chunk of cash back then and you haven't had to make ANY repayments on the money you got in those 15 years.

Now you want to sell the house and the bank wants their share of the profits.

So far so good, it's all making sense ....

.... but you now want to change the terms of what was agreed because it doesn't suit your current conditions.

We'd all like to be able to borrow and then pay back what we decide. Unfortunately the world doesn't work like that. You need to do your sums before you take on a financial commitment, not after.